Bill
Tax Laws Amendment (Tougher Penalties for Country-by-Country Reporting) Bill 2016
lapsed, as at 2016-04-15. (s) LEIGH, Andrew, MP portfolio.
- Sponsor
- Andrew Leigh
- Portfolio
- (s) LEIGH, Andrew, MP
Recorded stages
- introduced — 2016-02-29
- second reading — 2016-02-29
- other — 2016-04-15
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2016-02-29.
This bill is one of a package that tightens penalties for large multinational companies that do not file annual reports on their global activities and taxes.
The package would raise the top fine for not lodging such a report from $5,400 to $270,000, and would let the tax commissioner examine companies that still do not comply after paying that fine.
The higher fine applies to businesses classed as significant global entities, which are those with worldwide revenue above $1 billion.
- The bill would create a new penalty structure for significant global entities that must file country-by-country reports.
- It would increase the maximum penalty for failing to file from $5,400 to $270,000.
- It would give the Commissioner of Taxation the power to audit companies that still do not file after the maximum penalty is applied.
Large multinational companies with global turnover above $1 billion that are required to report their economic activity and tax payments in each country where they operate.
Sources
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